Saraswat Bank Home Loan

Established in the year 1918, Saraswat Bank has been sufficing the financial needs of its customers. Fighting all odds through a century, Sarawat Bank is one of the largest urban cooperative banks catering to a large sector of the country’s population.

The bank has been upgrading the technology while keeping the tradition intact. Besides several retail and commercial products, the bank also offers various digital services as well. Among the retail products, Saraswat Bank Home Loan has gained popularity owing to the attractive interest rates, flexible repayment options and various schemes under the product.

Also Read - Home Loan Tax Benefits

Saraswat Bank Housing Loan is not only the most economical loan prevailing in the market, but there are various other reasons to choose the home loan.

• There are various purposes for which the home loan will be provided depending on the individual need of the applicant.
• The margin stipulated is as low as 15% of the project cost plus the stamp duty and registration, which sounds very lucrative.
• The ROI starts at 7.50% p.a.which is the lowest among the rates prevailing in the market.
• The processing charges are nominal, and there are no prepayment charges.
• The eligibility criteria are simple.
• The turnaround time for the loan processing is short.

Check for 50 lakh home loan EMI and apply easily on MyMoneyMantra.

The following are some of the salient features of the Saraswat Bank Housing Loan.

• Purpose: Saraswat Home Loan is provided for the purchase of a ready built house/flat, for house construction on an already owned plot, for the repurchase of a flat/house, for repairs and renovation/extension of the existing house and for taking over of home loans from other financial institutions
• Loan Quantum: The maximum loan amount will be Rs. 70.00 lakhs or 85% of the project cost plus the stamp duty and registration charges, whichever is lower.
• Rate of Interest: It starts at 7.50% and goes up to 8.90% p.a. The rate of interest depends on the quantum of the loan and the credit score.
• Tenure: The maximum repayment period for Saraswat Bank Home Loan is 20 years.

The benefits of Saraswat Bank Home Loan are:

• A top-up loan up to Rs. 50.00 lakhs for repayment of outside debts or for repairs and renovations of the existing house.
• The maximum loan provided for repairs and renovations in metros will be Rs.10.00 lakhs and Rs. 6.00 lakhs in other areas.
• The ROI for top-up loans is 8.00%
• A combo offer for Vastu Siddhi Home Loan Customers by way of pre-sanctioned Car Loans up to Rs.6.00 lakhs with nil processing charges.
• The combo offer is for customers who have availed of a loan of Rs.50.00 lakhs and above.
• A pre-sanction credit card with limits based on the home loan amount will be provided.

Also Read - Tax Benefit on Second Home Loan

The following are the Saraswat Bank Home Loan Processing fees and other charges:

Processing Charges:

• For loan amount up to Rs. 35.00 lakhs: Nil
• For loan amount above Rs. 35.00 lakhs and up to Rs. 50.00 lakhs: Rs. 10000/-
• For loan amount above Rs.50.00 lakhs up to Rs.70.00 lakhs: Rs. 20000/-
• For Takeover loans: Rs. 10000/-

Prepayment/preclosure charges:

For loans that are availed at a floating rate of interest by individuals: Nil

Also Check - Check for 25 lakh home loan EMI and apply easily on MyMoneyMantra.

The Saraswat Bank Home Loan Interest rates given below are valid up to 31st December 2021

The following are the eligibility criteria for Saraswat Bank Home Loan.

• Salaried individuals, self-employed individuals, business people, professionals with a regular income
• Two years of confirmed service is mandatory for salaried individuals.
• The quantum of loan for salaried individuals with a credit score above 750 will be 70 times the average net take-home salary of the last three months or 85% of the project cost plus stamp duty and registration charges, whichever is less. However, the maximum loan quantum will be Rs. 70.00 lakhs.
• The quantum of loan for salaried individuals with a credit score above 700 will be 65 times the average net take-home salary of the last three months or 85% of the project cost plus stamp duty and registration charges, whichever is less. However, the maximum loan quantum will be Rs. 70.00 lakhs.
• The quantum of loan for the self-employed will be five times the average gross cash accruals for the last three years or 85% of the project cost plus stamp duty and registration charges, whichever is less. The maximum loan permitted will, however, be Rs. 70.00 lakhs.

Also Check - Home Loan Eligibility of All Banks

Saraswat Bank provides various types of home loans, the details of which are given below.

Vastu Siddhi Home Loan

Pradhan Mantri Awas Yojana

This scheme was introduced specially for the Economically Weaker Section, Low Income and Middle Income Groups.

The features of this scheme are:

• The beneficiaries of this scheme will comprise a family consisting of husband, wife and unmarried children.
• An adult earning member, irrespective of whether married or unmarried, will be considered as a separate entity for the purpose of eligibility.
• None of the family members should own a pucca house in any part of the country.
• None of the family members should be recipients of assistance under the ‘Housing for all 2022’ scheme.
• The property to be financed should be within the location specified by MoHUA under the scheme.
• Aadhar seeding is mandatory for all the categories of the scheme and for all the beneficiaries.
• The interest subsidy will be provided for a maximum of 20 years or for the tenure chosen by the applicant, whichever is earlier.
• There is no limit on the loan amount or the project cost.
• The amount exceeding the limit under the scheme will not be eligible for interest subsidy.

Important parameters under the PMAY CLSS Scheme

The asset created should have a woman owner in the case of MIG I and MIG II category. If there is no woman member in the family, then the property can be in the name of the male member of the family. However, this stipulation is only for the purchase of a new property and not for construction on an already owned property or for repairs or renovations to the existing house.

Also Read - Types of Home Loans Offered by SBI

The following documents are required for Saraswat Home Loan.

• Home Loan application form duly filled and signed along with two passport size photographs
• Address Proof like Aadhar Card, Latest utility bills, Voter’s ID Card, Driving Licence,
• Photo Identity proof like PAN Card, Passport, Aadhar Card, Driving Licence etc.
• Income Proof for salaried individuals: Salary slips of the latest three months, Latest Form 16 and ITR, Bank Account statement for the last six months.
• Income Proof for the self-employed: Audited Financial statements like Balance Sheet and Profit and Loss Account for the last three years, ITR for the last three years, Bank Account Statement for the last 12 months.
• Property documents as required for the creation of mortgage depending on the purpose.

Also Read - Documents Required for SBI Home Loan

You can Calculate the EMI for Saraswat Bank Home Loan using the EMI calculator available on the website of MyMoneyMantra.

• Access the website of MyMoneyMantra
• Choose Home Loan EMI Calculator under Financial Tools
• Provide the loan amount, interest and tenure
• The EMI will be calculated immediately after hitting the calculate button.
• You can also see the total interest payable, and the total amount payable for the tenure opted.
• You can use the calculator multiple times by varying the loan amount and tenure till you get the EMI that is convenient for you.

Also Read - 7 Important Questions to Ask Your Home Loan Provider

Applying for Saraswat Bank Home Loan through the website is very simple. You will have to access the MyMoneyMantra website and complete the simple loan application by providing the details mentioned below.

• Pick the gender
• Mention the city of location
• Give the location and market value of the property.
• Mention the purpose of the loan
• Enter employment type
• Provide the income details
• Enter the required loan amount
• Enter your mobile number and email ID
• OTP will be sent to your mobile number
• Enter the OTP number and click on submit button.
• On verification of the OTP, you will be directed to a page with collated details of the best deals as per your requirement.
• Choose Saraswat Bank Home Loan.
• The MyMoneyMantra team will contact you and will lead you through the loan process till the disbursement of the loan.
• The service rendered will be free of cost.

Also Read - How to Apply for Home Loan with Low Income?